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Many queries were on insurance for kids during the weekly insurance chat with Jigessh Patel on Wednesday. Patel provided detailed and well thought-out answers. Here is the transcript:
Jigessh Patel says, Hi, welcome everybody lets chat.
Dharmesh asked, Which is the best children's policy for 8 and 15 years old pls?
Jigessh Patel answers, Suggested to select single pay Unit link Policy for 15 years child, if you need the money on 4th year and 5 pay Policy for 15 year child if money is requird afeter 5 years. For you 8 year child you can go for unit link plan with payment option for 10 years. Do take waiver rider. In most ULIP plans the liquidity is available anytime after childs turns to age 18 .
Meeta asked, HI. I am meeta. My parents are 54 years old and they wish to get medical insurance done. which is the best policy andfrom where?
Jigessh Patel answers, Icici [Get Quote] Lombard , New India Assurance, New India Assurance , Royal Sundaram and Bajaj Allianz Provide for good mediclaim policies for people above age 54 . Please check terms and conditions in brochure before buying . I suggest best mediclaim plan as New India Assurance Dont buy group mediclaim from banks.
nikhil asked, Which are the Policies,that include medical cover along with life insurance and provide international coverage ??? Thanx
Jigessh Patel answers, Many new Life insurance policies come with critical illnes riders,. They are good but are not comprehensive in covering all illnesses. Suggested to buy seperate mediclaim policies. You have to buy seperate overseas policy for international coverage.
rajeshkharya asked, same as Dharmesh has asked.. need to know which is the best policy for child education insurance?
Jigessh Patel answers, I prefer any single pay Insurance ULIP policy for child ,as the charges are min to the client and the returns are maximum. Remember to take min 5 times cover of the premium amount, for Tax fre maturity.
Aditya asked, Jignesh..I want to take insurance only as an investment. Can you tell me the best option (like which insurance and which policy) if I can pay around 2-3k every month? Thanks
Jigessh Patel answers, Take a 3 to 5 pay insurance policy of HDFC [Get Quote] Young Star or ICICI SUPER or BIRLA Sun Life Classic . With min cover. The charges are quite low in these plans and returns ver good. Go for growth option with 60 % equity .
Santosh asked, My name is santosh. I am 25 years old.I have a 10 year LIC [Get Quote] policy. I pay 24K every year. After 10 years, Can I extend the same policy for 10 more years or do I need to take new policy? Which option is better. Please advise.
Jigessh Patel answers, Sorry you cannot extend the LIC policy other then the period already mentioned in the plan. You can for a new ULIP policy with max cover and min premium .
Santhosh kumar asked, Sir, I invested a amount in LIC FUTURE PLUS SCHEME, how I know the growth of my money. Also I like to know that after completion of 3 years, if beeing the period the market goes down is their any variation come to our deposit.
Jigessh Patel answers, IRDA has made it mandaory all INs companies to send Fund statments to the clients end of every policy year. You can also call up the LIC call Center anytime ,to get current fund value. Yes your deposit may have variation if you have not taken the 100 % GOV secuirities option.
gaurish asked, Sir, Me Gaurish,32 year old,earning Rs.13000pm..my parents are financially secured..They are not dependent on me..But I am a spendthrift..Pls tell which is the best policy for me ?
Jigessh Patel answers, Invest in a ins policy where there is no withdrawl option till atleast 10 years . Do opt for the ECS scheme . ( Where the premium is automatically withdrawn from your bank account of your company every month. This will help you by forced savings.
gaurav_bhola asked, Sir tell me why every person take policy.
Jigessh Patel answers, Insurance should be taken by people mainly by people who want to Protect their future income. Create desciplined savings. Create Tax free fund on maturity. Cover against any health hazards. ( Critical illnesses . Cover against any loan liabilities etc.
Ganesh asked, Sir, I am living in abroad. I want to go for a suitable health insurance for my parents who are at present living in India. which one is the best nowadays in India?
Jigessh Patel answers, Suggest you to buy new India Assuranc policies from a Good agent. Its one of the only profitable Public Sector GIC companies. The service is very good.
Rohit asked, I am planing do buy Bima Gold total value 4lacs is that good one to go
Jigessh Patel answers, Cannot suggest till you tell me , till you tell me how many years you want to invest for ? What is the return you are looking for? What is your present insurance cover? What is your age ?
Vaneet asked, Are Unit Linked plans of Birla sun life good to buy.
Jigessh Patel answers, Classic Insurance Plans of Birla are excellent. The charges are one of the lowest amongst all companies.
Alexander asked, What is your opinion about going in for term insurance? Iam 33 years old and have no insurance as yet. I do however substantial investements in mutual funds and Stocks.
Jigessh Patel answers, Term insurance is very good, instead of no insurance. Another option is any good Whole life ULIP plan . Many co gives upto 40 times cover of annual premium. Go ahead with Term insurance for min 25 years coverage period.
srinu532@rediff.com asked, If I take a policy from HDFC-Young Star Plus for 1lakh premium for the 1st year, I will be getting around 40 lakhs insurance cover. There is no commitment required to pay 1 lakh premium every year in this scheme. If I take a term insurance policy for 40 lakhs I may have to pay around Rs. 25000 per annum for 25 years tenure. Total premium could be around Rs.625000. Considering the requirement as pure risk cover, In the above scenario which policy is better? To my knowledge taking HDFC-Young star would be the better choice. Isn't it?
Jigessh Patel answers, Yes HDFC young star would be better.
nazeer asked, Hai iam 32 yrs old with 2 yrs old daughter my wife is house wife so what i to do my daughter feature?
Jigessh Patel answers, Buy a ULIP whole life policy after comparisson. Suggest you buy atleast 10 to 15 times Life cover of X annual income. You can nominate your daughter . this policy will give more returns with a child policy with waiver benefit. The cost of waiver .
chittasec asked, I have paid the first premim for insurance this year..Am i eligible for life insurance ?
Jigessh Patel answers, Mostly all companies cover the life from day one for Entire Sum assured. Yes . Accept for one of AVIVAs ULIP policy , your family will get entire Sum assured right from day one ( incase of eventuality ). For Childrens plans the eligibity factor for life ins is different , ( depending from plan to plan.)
ajay asked, Why not to go for group mediclaim from banks
Jigessh Patel answers, The claim service is very bad with banks. The client has to do all the running around incase of claim .No proper person to guide them. There are no bonuses every year which is there in regular Mediclaim policies. Also The Credit card companies can stop taking renewal of policy at any higher age. Also your credit card with the bank has to kept in force for many years . ( Till the age you want mediclaim policy. )
RamyaMenon asked, Hi Jigessh, Why is the administrative charges for ULIPs are so high compared to mutual funds ??
Jigessh Patel answers, yes in the initial years ULIP chrges are more than Mutual fund charges.. Remember Growth Mutual Funds ( Max Equity option ) also charge upto 2.5 % ever year on entire fund( which turns out to be quite big in the long run )
Srinu asked, What is the necessity of taking insurance for house and property.
Jigessh Patel answers, To cover Hazards of Floods , Earthquake ,Fire, Buglary etc.
Brijesh asked, Sir i am working in hr i jst want to know why people dont prefer to work in life insurance rather than general insurance
Jigessh Patel answers, In General insurance normally the Client is more eager to buy. The agent finds it easy to sell Car and Mediclaim and Fire insurance. As some ins are compulsory by the GOVT. In Life insurance the people feel no urgeny to buy. Earlier agents were not well trained to explain all the benefits of Life insurance properly to the people. Therefore the people were not motivated to buy Life ins ,except for saving Tax. Life Insurance agent needs a lot of Patience and persistence to sell policies. While in General insurance the policies sell in one or 2 meetings max.
chetan asked, Hi Jigessh, I am interested in taking insurance. However I am a bit confused which one should I opt amonght the TERM insurance or investment plan cum insurance. I am married and also tried to go abroad to work. In such circumstance I sometimes also feel that I should not take long term and high premium insurance with investment. Can you please suggest what should be best for me?
Jigessh Patel answers, please tell me your age. please refer to my earlier question and answer today of HDFC young star. Take a permanent cover like ULIP whole life. World statistics show that 70 % Term policies lapse before maturity date. Client is mainly a looser in this situation. He may not be insurable again at a higher age , As Term policy is max for 25 to 30 years.
prince1 asked, sir, i like to which is best for good return mutual fund ? or ulip based insurance
Jigessh Patel answers, Mutual fund in short term. ( 5 years) .In long run ( 10 to 15 years )right ULIP is beter due to additional Insurance feature.
Anurag asked, I am 35 yrs man with 5 yrs old son. Wife is working too. Shall we consider Endowment Insurance policies in Retirement plan too? What is your opinion?
Jigessh Patel answers, Please go for ULIP plans with balance fund option. As the charges are lower and flexibilty of liquidity is much better. Also there is premiium holiday available unlike normal Endowment plans, you cant stop paying premiums , you may have to take Loans . ULIP plans can give you tax free withrawls, Unlike pension plans.
ashok4u asked, Hi, this is ashok. can I do medical insurance for my parents whose age is above 60. If so which policy is the best
Jigessh Patel answers, yes ,many companies are still giving mediclaim after age 60 after medical tests . New india Assurance is the best according to me. incase your parents have any previous history of Critical illnesses they can still get mediclaim under Health plus Plan of New India Assurance. For PVT mediclaim Co please read brochures properly for exceptions/ Terms .
Jigessh Patel says, Goodbye, thanks for chatting. You can email me on jigishpatel@rediffmail.com . I will try to answer max questions .Due to time ,I wasn't able to answer all the questions. See your'l next week.
Chat with Jigessh every week!
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